Boeing Co. (NYSE:BA) announced that it has secured multiyear contracts worth about $2.7 billion to produce additional Patriot Advanced Capability-3 (PAC-3) seekers. Under the contracts, Boeing will supply over 3,000 seekers at rates reaching up to 750 units per year through 2030.
Boeing is collaborating with prime contractor Lockheed Martin (NYSE:LMT) and the U.S. Army to boost production and meet new targets for the PAC-3 interceptor. Expanding seeker output is essential to sustaining the Patriot system’s ability to defend service members, civilians and critical infrastructure worldwide amid growing threats.
